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​According to a recent study from the Transamerica Center for Retirement Studies, the median retirement savings for millennials is $31,000.1 While that may be a good start, it’s well short of what many millennials will need to fund a long and enjoyable retirement.

Millennials will face a number of challenges that previous generations didn’t face. The first is longevity. Life expectancy continues to increase. The medical industry is rapidly developing new treatments, services and technologies. It’s possible that millennials will live longer than any previous generation. If so, that means they’ll have to fund more years of retirement, which means they’ll need more savings.

There’s also the fact that millennials have to shoulder much of the burden for funding their retirement. Previous generations could rely on employer pensions, but that’s a benefit that has largely disappeared. Social Security benefits could also be reduced in the future if the program’s funding issues aren’t resolved. Personal savings could likely be the primary income source for many millennials in retirement.

​Your retirement plan may be to save as much money as possible. That’s not a bad idea. Your strategy may consist of contributing to a 401(k), an IRA or even a health savings account. When you’re young and have many years until retirement, asset accumulation is an important priority.

As you near retirement, however, you may want to consider issues besides asset accumulation. It’s important to think about not just accumulating assets, but also how those assets will be put to use. That means asking yourself questions about your desired lifestyle.

Below are four questions you may want to ask yourself as you develop and hone your retirement strategy. These questions can help you think beyond the financial aspects of retirement planning. They can also inform your spending decisions in retirement so you can protect your assets and your financial stability.

​Are you a small-business owner? Do you have a succession plan? If the answer is no, you’re not alone. A recent study from Nationwide found that 60 percent of small-business owners don’t have a succession plan. Among those without one, nearly half said they don’t have a plan because they believe such a plan isn’t necessary.1

While a succession plan may not seem necessary, the truth is that you could be exposing your business, employees and family to significant risk if you don’t have one. A business succession plan is a document that creates an orderly transition between you and the next owner.

A succession plan protects your business, employees and family. It also helps you realize maximum value for your business and even retain some form of control or financial involvement. The plan can help you identify the right successor and transition the business without disrupting operations or cash flow.

​Do you want to retire early? You’re not alone. According to a recent study from MSN, two-thirds of millennials want to retire before age 65.1 That’s well ahead of the current Social Security full retirement age of 67.

Retirement is a challenge at any age. Many Americans lack the needed savings to fully retire in their late 60s or even early 70s. Early retirement is an even more difficult challenge. If you retire early, you could spend more time in retirement than you did saving for retirement. You may spend many of the early years of retirement without the benefit of Social Security or Medicare.

The good news is you can retire early if you develop a plan and stay disciplined. Below are three steps to help you get started on your planning. As is the case with any financial planning, your decisions and actions should be based on your unique needs and objectives. A financial professional can help you develop and implement your strategy to retire early.

This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation.

Securities and Advisory Services offered through Client One Securities, LLC Member FINRA/SIPC and an Investment Advisor. Carstens Financial Group and Client One Securities, LLC are not affiliated.​This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.